Liberals to announce loans for lumber producers, new quotas on some foreign steel

Prime Minister Mark Carney will announce additional help for the ailing lumber and steel industries Wednesday afternoon, including additional money for softwood lumber producers and further restrictions on some foreign steel imports, as companies deal with the fallout from the trade war with the U.S.

A senior government source told Global News Carney will add an additional $500 million to the Softwood Lumber Development Program, giving companies access to government backed loans. The total value of the money available to struggling softwood companies will now be $1.2 billion.

Lumber producers in British Columbia and the Maritimes have been ravaged by U.S. tariffs and duties that can exceed 45 per cent.

Quotas on foreign steel imports will be reduced from 50 per cent to 20 per cent